3. Cash and cash equivalents and restricted cash

Cash and cash equivalents are not restricted as to withdrawal or use. As of December 31, 2011 and 2010, the equivalent United States dollars are denominated in the following currencies:

	December 31,
	2011		2010
Bank accounts:
United States dollar	$	4,719,808	$	7,494,938
Cayman Islands dollar		12,360,952		4,879,570
Bahamian dollar		2,250,883		4,022,003
Belize dollar		1,723,264		1,616,193
Bermudian dollar		142,363		694,346
Mexican Peso		10,459		9,349
Euro		8,453		-
		21,216,182		18,716,399
Short term deposits:
United States dollar		-		16,622,793
United States dollar		7,809,598		8,774,845
Bahamian dollar		8,598,399		2,016,200
		16,407,997		27,413,838
Total cash and cash equivalents	$	37,624,179	$	46,130,237

In addition, restricted cash as of December 31, 2011 of $7.5 million represents cash in a short term deposit account that is pledged as collateral for $7.5 million in borrowings under the Company’s non-revolving credit facility.